Chainlink Price Prediction: Sellers Look To Push LINK To Its Support Level Of $23 

Daily Chainlink LINK Technical Analysis

Last Updated October 14th 2021
4 Min Read
  • The Chainlink price continued to be in the red as LINK registered another fall during the current session. 
  • LINK has been unable to push past the 200-day SMA and has now slipped below the 20-day and 50-day SMAs.

The Chainlink price continued to fall as the price continued to remain bearish. LINK had recorded a significant increase on Saturday after the price had dropped below the 50-day SMA on Friday. LINK had risen to $27.45 before dropping significantly on Sunday and falling to $25.56, settling just above the 20-day SMA. XRP continued to remain bearish as the week started and slipped below the 20-day SMA on Tuesday when it registered a drop of 2.36% to settle at $24.63. 

Chainlink Price Chart Indicates Buyers And Sellers Vying For Control Of Current Session

The Chainlink price registered an increase of over 9% on Friday (1st) as it started the month on a bullish note, pushing above the 20-day SMA and settling at $26.32. LINK remained bullish over the weekend as well, rising on Saturday and then moving above the 50-day SMA on Sunday to settle at $27.57, where the 200-day SMA was acting as resistance. Despite the bullish weekend, LINK fell back in the red on Monday before recovering on Tuesday and rising to $27.24. Wednesday saw LINK drop once more after a volatile session, with the price falling to $26.80.

Image: LINK/USD daily

LINK/USD daily chart 101421

The Chainlink price did not see any significant movement on Thursday, as LINK registered a minor fall. However, Friday saw the price fall, as LINK dropped to $26.37 before rising again on Saturday and settling at $27.45. However, the price turned bearish on Sunday as LINK fell by almost 7% to settle just above the 20-day SMA at $25.56. The bearish sentiment persisted as LINK started the current week in the red, dropping by 1.32% on Monday and then falling by a further 2.36% on Tuesday to slip below the 20-day SMA and settle at $24.63. The current session sees buyers and sellers vying for control over the market, and with the Parabolic SAR and MACD flipping to bearish, we could see the price drop.

Looking at IntoTheBlock’s IOMAP for the Chainlink price, we can see that LINK has strong support at around $23.37. At this level, more than 21,000 addresses have bought nearly 50 million LINK. LINK also faces strong resistance at around $26.81. At this level, over 21,000 addresses have sold more than 42 million LINK.

Image: IntoTheBlock

LINK/USD volume chart 101421

The 4-hour Chainlink price chart shows us that 200-bar and 20-bar SMA were acting as resistance, pushing the price down. LINK had dropped to $25.57, where the 50-bar SMA was acting as support. However, the price rose to $27.74, as it pushed above the 20-bar and 200-bar SMAs, registering an increase of over 8%. However, LINK could not maintain this level and dropped to $26.02 before rising to $27.35. The price then rose to $27.45 before the price fell significantly, dropping to $25.56 and slipping below the 20-bar, 50-bar, and 200-bar SMAs. LINK then dropped further to $24.05 as the price turned bearish, with LINK currently at around $24.50. We can see that the current session sees LINK in the green, and if the price can manage to push up, we could see the MACD flip to bullish. However, if the price drops, then we could see the Parabolic SAR flip to bearish.

Image: LINK/USD 4-hour

LINK/USD 4-hour chart 101421

Aloha Integrates Chainlink VRF

DeFi platform Aloha announced the integration of Chainlink Verifiable Random Function (VRF) on the Polygon mainnet. By integrating the oracle network, the firm can access a tamper-proof source of randomness needed to select winners from Aloha’s upcoming raffle and giveaway events. Ultimately, this creates a more exciting, transparent, and fraud-proof user experience, as users can participate knowing that the selection of winners will be completely impartial.

Aloha is a comprehensive DeFi platform with a focus on NFTs and staking. Built on Ethereum and powered by scaling solution Polygon, users can use their NFTs to stake, govern, and participate in contests, all of which reward them for their participation. The platform also plans to onboard merchants with its Aloha 4 Business module.

To pick winners randomly, Aloha needs access to a random number generator that any user could audit. However, RNG solutions for smart contracts require several security considerations to prevent manipulation and ensure system integrity. 

Martin (X), Founder of Aloha DeFi, said:

“Chainlink VRF was seamless to integrate, providing our platform with access to an on-chain source of randomness that anyone can audit to prove that’s it’s tamper-proof. Ultimately, integrating Chainlink VRF will help further a more transparent and fair platform experience for users participating in our community games and events.”

Chainlink Price Is Expected To Reach These Levels

Looking at the Chainlink price chart, we can see that LINK has turned bearish since the weekend. The current session is currently witnessing both buyers and sellers trying to take control of the market. If sellers remain in control, then we could see the price fall to $23, but if buyers manage to take control, the LINK could push up to the 20-day SMA at $25.

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